Global Processing Services secures strategic investment from Visa
By Megha Bhattacharya
Payments issuer processor, Global Processing Services (GPS) today secured a strategic investment from Visa. The new funding is expected to speed up the company’s global expansion and follows its success in launching new FinTechs and digital banks in Europe and South-East Asia. GPS aims to enable brands to offer hyper-personalised user experiences and supports FinTechs, digital banks and e-wallet providers in their path from the agility of a proof-of-concept to a fully scaled global offering.
Financial Technology Partners LP and FTP Securities LLC (FT Partners) served as the exclusive financial and strategic advisor to GPS in this transaction.
Joanne Dewar, Chief Executive Officer at GPS, commented, “…This strategic partnership with Visa is a fantastic step in the GPS growth journey, providing both recognition as a trusted and proven processing provider and further extends our reach. GPS is uniquely focused on customer success and we welcome the opportunity to spotlight the role we play at the epicentre of the fintech story.”
“The entire payments industry is evolving at speed, which has only accelerated further with the increased preference and convenience for digital payments over cash transactions. Through innovation and solid partnerships, we will successfully accelerate the delivery of better financial experiences for every customer,” Dewar continued.
Previously, the company expanded into the APAC region last year and delivered programmes with Australian neobank Xinja and Hong Kong-based WeLab Bank. As a preferred issuer processor for Visa’s APAC FinTech Fastrack programme, GPS has worked closely with Visa to deliver a next-generation showcase for the 2021 Tokyo Summer Olympics. Post-funding, GPS aims to replicate its European and APAC accomplishments across other regions as one of Visa’s preferred processors.
Kevin Jacques, Vice President, Visa Ventures, added, “GPS is an example of how we continue to invest in, and partner with, companies that provide valuable capabilities to the ecosystem and have potential to advance the payments industry. The business has a strong balance sheet, engaging leadership and growth across key regions, and we believe it will continue to be an important enabler for payments processing.”
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